Summary of Financial Results for Fiscal Period Ended
December 31, 2022
(11th Fiscal Period: from July 1 to December 31, 2022)
Balance Sheet
Statements of Income and Retained Earnings
Statements of Changes in Unitholders’ Equity
Statements of Cash Flows
Notes to Financial Statements- 1 -1【Financial Statement】（1）Balance Sheet
10th Period(June 30, 2022)
AssetsCurrent Assets
Cash and bank deposit
Operating accounts receivable
Accounts receivable
Prepaid expenses
Other current assets
Total current assets
Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust,net
Tools, furniture, and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust,net
Land in trust
Total property and equipment
Intangible assets
Leasehold rights
SoftwareTotal intangible assets
Investments and other assets
Long-term prepaid expenses
Investment in capital
Deferred tax assets
Long-term deposit
Guarantee deposits
Total investment and other assets
Total fixed assets
Deferred Assets
Investment corporation bond issuancecost
Total deferred assets
Total assets- 2 -（Unit：thousand yen）
11th Period(December 31, 2022)

5,082,280
1,148,662
163,589
75,5136,470,046

5,271,544
798,973
13,141
262,70959,4686,405,837

1,055,391(171,352)
884,038
42,434,266(7,330,697)
35,103,568
591,024(102,728)
488,296
4,505,944
6,569,721(319,920)
6,249,801
20,291,246(1,126,547)

1,056,877(193,153)
863,724
42,480,349(8,203,513)
34,276,835
591,663(114,667)
476,996
4,505,944
6,590,138(441,608)
6,148,530
20,291,246(1,549,535)

19,164,699

18,741,711

93,540(5,114)

94,264(7,036)88,42587,2284,769,905
71,254,680

4,769,905
69,870,876

1,156,923
2,761
1,159,685

1,156,923
2,226
1,159,150

520,33510
12
15,60037,790573,747
72,988,113

481,80210
15
15,60037,790535,21771,565,244

17,701

14,921

17,701
79,475,861

14,921
77,986,003

10th Period(June 30, 2022)
Liabilities
Current liabilities
Operating Accounts payable
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Income taxes payable
Consumption tax payable
Deposits received
Total current liabilities
Non-current liabilities
Investment corporation bondLong-term loan payable
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders’ capital
Deduction from unitholders’ capital
Unitholders’ capital, net
Surplus
Unappropriated retained earnings(Accumulated deficit)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets- 3 -（Unit：thousand yen）
11th Period(December 31, 2022)

69,7392,261,543
171,689
137,675852
148,202485
2,790,188

87,3242,275,477
161,541
123,547
914
76,7731,265
2,726,843

4,900,000
31,643,639
36,543,639
39,333,827

4,900,000
30,512,844
35,412,844
38,139,687

40,631,004(1,998,255)
38,632,749

40,631,004(1,998,255)
38,632,749

1,509,284

1,213,566

1,509,284
40,142,034*140,142,034
79,475,861

1,213,566
39,846,315*139,846,315
77,986,003

(2) Statements of Income
10th Period(From January 1, 2022
to June 30, 2022)
Operating revenues
Rental revenues of renewable energy power
generation facilities, etc.
Total operating revenues
Operating expenses
Rental expenses of renewable energy power
generation facilities, etc.
Asset management fee
Administrative service fees
Director’s compensation
Taxes and duties
Other operating expenses
Total operating expenses
Operating income
Non-operating incomesInterest income
Dividends
Insurance income
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on investment corporation bondAmortization of Investment corporation bondissuance cost
Borrowing-related expenses
Loss on retirement of non-current assets
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Retained earnings (Deficit) brought forward
Unappropriated retained earnings (Accumulated
deficit)- 4 -(Unit: thousand yen)
11th Period(From July 1, 2022
to December 31, 2022)*1 4,060,575*13,715,150

4,060,575

3,715,150*1 2,090,621*12,114,647

127,390
27,8772,400
65
68,2612,316,616
1,743,958

115,772
27,2512,400
16471,6122,331,848
1,383,301

26
0
3,259
3,285

29
39,287
202
39,519151,215
18,947

148,732
19,262

2,779

2,779

37,73026,635
237,310
1,509,933
1,509,933
856
4
861
1,509,072
211

37,730208,505
1,214,315
1,214,315
918
(2)
915
1,213,400
165

1,509,284

1,213,566

(3) Statements of Changes in Unitholders’ Equity
10th Fiscal Period (From January 1, 2022 to June 30, 2022)（Unit: thousand yen）
Unitholders’ equity
Unitholders’ capital

Surplus

Total net
assetsUnitholders’capitalDeduction
fromunitholders’capitalUnitholders’capital, net

Capitalsurplus or
loss

Total surplus

Totalunitholders’equity40,631,004(1,670,370)

38,960,634

1,122,287

1,122,287

40,082,921

40,082,921-(327,884)(327,884)--(327,884)(327,884)

Dividend of
surplus---(1,122,075)(1,122,075)(1,122,075)(1,122,075)

Net Income

-

-

-

1,509,072

1,509,072

1,509,072

1,509,072(327,884)(327,884)

386,996386,996

59,112

59,112(1,998,255)

38,632,749

1,509,284

1,509,284

40,142,034

40,142,034

Balance as ofJanuary 1,
2022
Changes of
items during
the period
Distribution inexcess of
earnings

Total changesof items during
the period
Balance as ofJune 30, 2022-

*1

40,631,004

11th Fiscal Period (From July 1, 2022 to December 31, 2022)（Unit: thousand yen）
Unitholders’ equity
Unitholders’ capital

Balance as ofJuly 1, 2022
Changes of
items during
the period
Dividend of
surplus
Net Income
Total changesof items
during theperiodBalance as ofDecember 31,
2022

*1

Surplus
Total unitholders’equityTotal net
assetsUnitholders’capitalDeduction
fromunitholders’capitalUnitholders’capital, net

Capitalsurplus or
loss

Total surplus

40,631,004(1,998,255)

38,632,749

1,509,284

1,509,284---(1,509,118)(1,509,118)

-

-

-

1,213,400

1,213,400

1,213,400

1,213,400---(295,718)(295,718)(295,718)(295,718)

40,631,004(1,998,255)

38,632,749

1,213,566

1,213,566

39,846,315

39,846,315- 5 -40,142,034

40,142,034(1,509,118) (1,509,118)

(4) Statements of Cash Distribution（Unit: yen）
10th Fiscal Period(From January 1, 2022
to June 30, 2022)
I

Unappropriated retained earnings(Accumulated deficit)

II

Distributions in excess of retained
earnings

11th Fiscal Period(From July 1, 2022
to December 31, 2022)

1,509,284,238

1,213,566,004-

236,633,472

1,509,118,368

1,449,960,000(3,903)(3,750)1,509,118,368

1,213,326,528(3,903)(3,138)Distributions in excess of retained
earnings-

236,633,472(Distributions in excess of retained
earnings)

(-)

(612)

IV Retained earnings (Deficit) carriedforward165,870

239,476

Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)

Calculation method for cash distributions

In accordance with Articles 47,
Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF”) s
Articles of Incorporation, the amountof cash distributions shall be theamount of profit in excess of anamount equivalent to 90% of
distributable profits, as stipulated in
Article 67-15 of the Act on Special
Measures Concerning Taxation.
Based on this policy, CSIF decided
to make distributions of¥1,509,118,368 which is the entire
amount equivalent to theunappropriated retained earnings forthe fiscal period under review of¥1,509,284,238 excluding fractionsof the distribution per unit that areless than ¥1.
CSIF does not distribute cash inexcess of retained earnings basedon the cash distribution policy
prescribed in Article 47, Paragraph 2of CSIF’s Articles of Incorporation.
Accordingly, the distribution perunit is ¥3,903.

- 6 -In accordance with Articles 47,
Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF”) s
Articles of Incorporation, the amountof cash distributions shall be theamount of profit in excess of anamount equivalent to 90% of
distributable profits, as stipulated in
Article 67-15 of the Act on Special
Measures Concerning Taxation.
Based on this policy, CSIF decided
to make distributions of¥1,213,326,528 which is the entire
amount equivalent to theunappropriated retained earnings forthe fiscal period under review of¥1,213,566,004 excluding fractionsof the distribution per unit that areless than ¥1.
CSIF distributes cash in excess ofretained earnings every fiscal period
based on the cash distribution policy
prescribed in Article 47, Paragraph 2of CSIF’s Articles of Incorporation.
Based on this policy, CSIF decided
to make cash distributions in excessof earnings (return of capital
categorized as a distribution of the
reduction in capital for Japanese tax
purposes) in the amount of¥236,633,472 which is equivalent to16.3% of the amount of depreciation
expenses recorded for the fiscal
period under review of¥1,453,687,832.
Accordingly, the distribution perunit is ¥3,750.

(Note)Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in CSIF’s Articles
of Incorporation and the Asset Manager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation facilities. The
amount available for distribution shall be calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize such policy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power Generation(P50) provided in the independent technical report which is used as a basis for calculating rents for renewable energy power generation
facilities and if actual NCF calculated based on actual power generation during the applicable fiscal period exceeds forecast NCF,
CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limit of the amount of cash distributions for theapplicable fiscal period.
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout ratio” as theamount of cash distributions for the applicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,509,118,368 which is equivalent to 63.3%
of forecast NCF amount for the fiscal period under review of ¥2,382,855,627.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,449,960,000 which is equivalent to 77.1% of
forecast NCF amount for the fiscal period under review of ¥1,880,540,436. Of this, ¥236,633,472 which is the amount less of distributionsof profit of ¥1,213,326,528 is distributions in excess of retained earnings.

- 7 -(5) Statements of Cash Flows（Unit: thousand yen）
11th Fiscal Period(From July 1, 2022
to December 31, 2022)

10th Fiscal Period(From January 1, 2022
to June 30, 2022)
Cash flows from operating activities
Income before income taxes
Depreciation cost

1,509,933

1,214,315

1,452,880

1,453,687

2,779
(26)

2,779
(29)

Other non-operating income

170,163(2,394)

167,994(202)

Loss on retirement of non-current assets

26,635-Decrease (Increase) in operating accounts
receivable
Decrease (Increase) in accounts receivable other
Decrease (Increase) in consumption taxes
payableDecrease (Increase) in prepaid expenses(391,318)

349,688-(13,141)(156,974)(71,785)

59,952(99,119)

Decrease (Increase) in long-term prepaid
expenses
Increase (Decrease) in operating accounts
payableIncrease (Decrease) in accounts payable other
Increase (Decrease) in accrued expenses

38,53338,533

17,432

22,02527,308(10,459)

36,951(15,040)Investment corporation bond expenses
Interest income and dividends
Interest expenses

Other, net(16,908)

16,824Sub-total

2,774,951

3,056,072

Interest and dividends received

26(171,183)

29(167,082)

(948)

(857)

Net cash provided by (Used in) operating
activities
Cash flows from investing activities

2,602,846

2,888,162

Purchases of property and equipment(37,272)(72,094)

Purchases of intangible assets(2,500)(825)

Net cash provided by (Used in) investing
activities
Cash flows from financing activities(39,772)(72,919)

Repayment of long-term loans payable(1,131,857)(1,116,861)

Dividends paid

(1,122,075)(1,509,118)

Interest paid
Income taxes paid

(327,884)-

Net cash provided by (Used in) financing
activities
Net increase (Decrease) in cash and cash
equivalents
Cash and cash equivalents at the beginning of the
fiscal period(2,581,817)(2,625,979)(18,743)

189,264

5,101,023

5,082,280

Cash and cash equivalents at the end of the fiscal
period

*1 5,082,280*1 5,271,544

Surplus earning distribution paid

- 8 -(6) NOTES to Financial Statements[NOTES ON GOING CONCERN PREMISE]
Not applicable.
[SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES]
1.Method of depreciation andamortization of non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property
and equipment are as shown below:
Structures ........................................ 22 - 25 years
Machinery and equipment ............... 22 - 25 years
Tools, furniture and fixtures ............. 22 - 25 years
Structures in trust ........................... 24 - 30 years
Machinery and equipment in trust… 24 - 25 years
Tools, furniture and fixtures in trust…24 - 25 years(2) Intangible assets
The straight-line method is adopted.
In addition, the useful life is as shown below:
Software ...................................... 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2.Method of amortization ofdeferred assets
3.Standards for revenue andexpense recognition

Investment corporation bond issuance expenses
Amortized by the straight-line method over the life of the bonds.
Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax,
among other taxes, on the infrastructure assets held, of the tax amount assessedand determined, the amount corresponding to the calculation period is accounted
as rental expenses. In addition, reimbursement such as fixed assets tax, which ispaid to the seller and other persons on the acquisition of infrastructure assets andother assets (“the amount equivalent to the fixed assets taxes and other taxes”)
is not recognized as rental expenses but included in the acquisition cost of theconcerned infrastructure assets and other assets.

4.Scope of funds in statements ofcash flows

Funds (cash and cash equivalents) in statements of cash flows consist of cash on
hand, demand deposits and short-term investments with a maturity of three months
or less at the date of acquisition that can readily be converted into cash and thatare subject to insignificant risks of changes in value.

5.Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets therequirements for special treatment.
(2) Hedging instruments and hedged items:･Hedging instruments……Interest rate swap transaction･Hedged items…………....Interest rate on loans

6.Other significant matters serving
as the basis for preparation offinancial statements(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s
Articles of Incorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus
the evaluation of effectiveness is omitted.
Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power
plants, all assets and liabilities within entrusted assets as well as all revenue andexpense items which occur to entrusted assets are recorded as the respective
account titles on the balance sheet and statements of income. The following
important account titles among the entrusted assets which are recorded as therespective account titles are separately indicated on the balance sheet:- 9 -Structures in trust, Machinery and equipment in trust, Tools, furniture and fixturesin trust, Land in trust.

[NOTES TO BALANCE SHEET]*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment
Corporations(Unit: thousand yen)
As ofJune 30, 2022

As ofDecember 31, 2022
50,00050,000[NOTES TO STATEMENTS OF INCOME]*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)
From January 1, 2022
to June 30, 2022

A.

Operating revenue from the rental business of renewable energy power generation facilities, etc.
Rental revenue of renewable energy power generation facilities, etc.
(Basic rent)

2,610,799

2,603,324(Variable rent linked to actual output)

1,449,747

1,111,032

28

794

4,060,575

3,715,150(Incidental income)
Total operating revenue from the rental business ofrenewable energy power generation facilities, etc.
B.

Operating expenses from the rental business of renewable energy power generation facilities, etc.
Rental expenses of renewable energy power generation facilities, etc.
(Management entrustment expenses)
257,667

254,787(Repair and maintenance costs)

25,66450,561(Taxes and duties)

243,240

243,242(Utilities expenses)

5,877

6,915

(Insurance expenses)

37,24337,243(Depreciation expenses)

1,452,362

1,453,152(Land rent)

61,91762,096(Trust fees)

6,600

6,600

49

49

Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.

2,090,621

2,114,647

Profits and losses from the rental business of renewableenergy power generation facilities, etc. （A-B）

1,969,953

1,600,502(Other rental expenses)

C.

From July 1, 2022
to December 31, 2022

- 10 -

[NOTES TO STATEMENTS OF CHANGES IN UNITHOLDERS’ EQUITY]*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From January 1, 2022
to June 30, 2022

From July 1, 2022
to December 31, 2022

Total number of authorized investment
units

10,000,000 unit

10,000,000 unit

Total number of investment units
issued and outstanding

386,656 unit

386,656 unit

[NOTES TO STATEMENTS OF CASH FLOWS]*1 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet(Unit: thousand yen)
From January 1, 2022
to June 30, 2022
Cash and deposits
Fixed term deposits exceeding
3 months
Cash and cash equivalents

From July 1, 2022
to December 31, 2022

5,082,280

5,271,544--

5,082,280

5,271,544[NOTES ON LEASE TRANSACTIONS]
Operating lease (as the lessor)
Future minimum lease payments(Unit: thousand yen)
Fiscal period ended

Fiscal period ended

June 30, 2022

December 31, 2022

Within one year

5,190,132

5,142,217

Longer than one year

72,347,243

68,750,697

Total

77,537,376

73,892,914[NOTES ON FINANCIAL INSTRUMENTS]
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions, issuinginvestment corporation bonds or issuing investment units. The basic policy is to build stable and sound financial
operations to maintain and increase earnings in the medium to long term and grow the size and value of assets.
(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are
exposed to interest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted throughthe appropriate balancing of the loan period and the interest rate type, and diversification of lenders, and theappropriate management of various types of indexes, especially the general application of the upper limit of the ratio
of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values
are reasonably calculated. Since certain assumptions are used for the calculation of fair values, they may change
if different assumptions are used.

- 11 -

2. Matters relating to fair values of financial instruments
The book value and fair value as of June 30, 2022, and the amount of difference between these, are as follows.
Notes to "Cash and bank deposit" and "Operating accounts receivable" have been omitted because their fair values
are close to their book values since they are settled in cash and in a short period of time. And “Long-term deposit”
and “Guarantee deposits” have been omitted because of low-materiality.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-termloans payable

2,261,543

2,263,748

2,205(2) Long-term loans payable

31,643,639

31,870,125

226,486(3) Investment corporation bond

4,900,000

4,892,630(7,370)Total liabilities

38,805,182

39,026,504

221,322(4) Derivative transaction

－

－

－

(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable(2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period
is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, the book value is used. In addition,
for the long-term loans payable at variable interest rates subject to the special treatment of interest rate swap (refer to the “Notes onderivative transactions” below), the fair value is measured by discounting the total sum of the principal and interest treated together withthe said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment corporation bond
The fair value of investment corporation bonds is determined based on market prices.
(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.

The book value and fair value as of December 31, 2022, and the amount of difference between these, are as follows.
Notes to "Cash and bank deposit" and "Operating accounts receivable" have been omitted because their fair values
are close to their book values since they are settled in cash and in a short period of time. And “Long-term deposit”
and “Guarantee deposits” have been omitted because of low-materiality.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-termloans payable

2,275,477

2,278,187

2,709(2) Long-term loans payable

30,512,844

30,766,331

253,487(3) Investment corporation bond

4,900,000

4,894,170(5,830)Total liabilities

37,688,321

37,938,688

250,367(4) Derivative transaction

－

－

－

(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable(2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period
is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, the book value is used. In addition,
for the long-term loans payable at variable interest rates subject to the special treatment of interest rate swap (refer to the “Notes onderivative transactions” below), the fair value is measured by discounting the total sum of the principal and interest treated together withthe said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment corporation bond
The fair value of investment corporation bonds is determined based on market prices.
(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.

- 12 -

(Note 2) Scheduled redemption amount of loans payable and investment corporation bond after the closing date (June 30, 2022)

Long-term loans payable

Within one
year

Longer than
two years,
within threeyears

Longer than
three years,
within fouryears

2,261,543

2,267,295

2,206,896

2,301,459

2,240,050

22,627,936--

1,100,000

3,800,000--

2,261,543

2,267,295

3,306,896

6,101,459

2,240,050

22,627,936

Investment corporation bond
Total

(Unit: thousand yen)
Longer thanfour years,
Longer than
within five
five years
years

Longer than
one year,within two
years

Scheduled redemption amount of loans payable and investment corporation bond after the closing date (December 31, 2022)(Unit: thousand yen)
Longer thanLonger thanLonger thanLonger thanWithin one
one year,
two years,
three years,
four years,
Longer thanyear
within two
within three
within four
within five
five years
years
years
years
years
Long-term loans payable

2,275,477

2,228,931

2,270,245

2,256,998

9,570,112

14,186,556-

1,100,000-

3,800,000--

2,275,477

3,328,931

2,270,245

6,056,998

9,570,112

14,186,556

Investment corporation bond
Total

[NOTES ON SECURITIES]
Prior fiscal period (as of June 30, 2022)
Not applicable.
Current fiscal period (as of December 31, 2022)
Not applicable.
[NOTES ON DERIVATIVE TRANSACTIONS]
1. Those to which hedge accounting is not applied
Prior fiscal period (as of June 30, 2022) and current fiscal period (as of December 31, 2022)
Not applicable.
2. Those to which hedge accounting is applied
Prior fiscal period (as of June 30, 2022)

Method ofhedge
accounting

Type of derivativetransactions andother matters

Major
items
hedgedContract amount and otheramounts
Longer than
one yearSpecialtreatmentof interest
rate swap

Interest rate swap
transaction
Fixed
payment/variable
receipt

Longtermloanspayable33,905,182

31,643,639(Unit: thousand yen)
Method ofcalculation of
Fair value
said market
value（Note）-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans
payable and the long-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1)(1) Current portion of long-term loans payable and (2) Long-term loans payable in “Notes on financial instruments 2. Matters relating to fairvalues of financial instruments, among other matters”.

- 13 -

Current fiscal period (as of December 31, 2022)(Unit: thousand yen)
Method ofhedge
accounting

Type of derivativetransactions andother matters

Major
items
hedgedSpecialtreatmentof interest
rate swap

Interest rate swap
transaction
Fixed
payment/variable
receipt

LongtermloanspayableContract amount and otheramounts
Longer than
one year

32,788,321

30,512,844

Fair value

Method ofcalculation ofsaid market
value（Note）-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans
payable and the long-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1)(1) Current portion of long-term loans payable and (2) Long-term loans payable in “Notes on financial instruments 2. Matters relating to fairvalues of financial instruments, among other matters”.

[NOTES ON RETIREMENT BENEFITS]
Prior fiscal period (as of June 30, 2022)
Not applicable.
Current fiscal period (as of December 31, 2022)
Not applicable.
[NOTES ON TAX EFFECT ACCOUNTING]
1. Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)
Fiscal period ended
June 30, 2022
Deferred tax assets
Accrued business tax not deductible fromtaxable income

Fiscal period ended
December 31, 2022

12

15

Total deferred tax assets

1215

Net amount of deferred tax assets

1215

2. Breakdown of each major item that causes a significant difference between the effective statutory tax rate
and the rate of the burden of corporate tax and other taxes after the application of tax effect accounting
Fiscal period ended
June 30, 2022
Effective statutory tax rate

Fiscal period ended
December 31, 2022

31.46%

31.46%(31.44)%(31.43)%

Others

0.04%

0.05%

Rate of burden of corporate tax and other taxes
after the application of tax effect accounting

0.06%

0.08%

(Adjustment)
Dividends paid deductible for tax purpose[NOTES ON SHARE OF PROFIT (LOSS) OF ENTITIES ACCOUNTED FOR USING EQUITY METHOD, ETC.]
Prior fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
Current fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.

- 14 -

[NOTES ON RELATED PARTY TRANSACTIONS]
1.Major corporate unitholders
Prior fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
Current fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
2.Affiliates
Prior fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
Current fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
3.Fellow Subsidiaries
Prior fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
Current fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
4.Officers and major individual unitholders
Prior fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
Current fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
[NOTES ON ASSET RETIREMENT OBLIGATIONS]
Prior fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
Current fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
With respect to some of the renewable energy power generation facilities that the Investment Corporation owns
directly or as assets in trust, it bears the obligation of restoring relevant sites to their original conditions according toland lease contracts concluded with landowners. With these contracts being subject to automatic renewal, expected
to be renewed unless there are special circumstances, or being highly likely to be renewed or re-concluded, theInvestment Corporation has difficulty in reasonably estimating until when such contracts will remain effective. It
therefore has not posted asset retirement obligations to reflect the said obligation.
In addition, the Investment Corporation considers that the possibility of such contracts being cancelled is extremely
low because it is difficult to use land covered by the contracts for purposes other than renewable energy power
generation facilities.

- 15 -

[NOTES ON INVESTMENT AND RENTAL PROPERTY]CSIF has renewable energy power generation facilities, etc. The book value, change during the period and fairvalue at the end of the period are as shown below.
(Unit: thousand yen)
Prior fiscal period
From January 1, 2022
to June 30, 2022

Current fiscal period
From July 1, 2022
to December 31, 2022

Book value (Note 2)
Beginning balance

73,858,451

72,411,603

Change during the period (Note 3)(1,446,847)(1,383,803)

Ending balance

72,411,603

71,027,800

76,365,000

75,519,000

Fair value at the end of the period (Note 4)(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus withrespect to the book value and the fair value, the amount of the renewable energy power generation facilities and real estate are stated
together as one.
(Note 2) The book value is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended June 30, 2022 primarily consisted of the increase due to capital expenditure for photovoltaic power
generation facilities (32,150 thousand yen), and the decrease due to depreciation expenses (1,452,362 thousand yen). And the change
during the period ended December 31, 2022 primarily consisted of the increase due to capital expenditure for photovoltaic power
generation facilities (69,349 thousand yen), and the decrease due to depreciation expenses (1,453,152 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles ofIncorporation on the basis of the appraised value in the range stated in the valuation report with the date of the value opinion on June30, 2022 and December 31, 2022, which was obtained from PricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And, thefair value is the total sum of the median amount on the basis of the appraised value stated in the valuation report with the date of thevalue opinion on June 30, 2022 and December 31, 2022, which was obtained from Kroll International Inc (for S-19 to S-25). The fairvalue which is the total sum of the median amount stated in the valuation report of Kroll International Inc is rounded down to the nearest
million yen.

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended
June 2022 (the 10th period) and the fiscal period ended December 2022 (the 11th period) are as stated in the “Notes
to statements of income” above.
[NOTES ON REVENUE RECOGNITION]
Not applicable.
[NOTES ON SEGMENT INFORMATION]
1.Segment information
Since CSIF has a single segment of the rental business of infrastructure assets, the segment information isomitted.
2.Related Information
Prior fiscal period (from January 1, 2022 June 30, 2022)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers
exceeds 90% of the operating revenue on the statements of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of theoperating revenue on the statements of income.

- 16 -

② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of theamount of property and equipment on the balance sheet.
(3) Information on major customers（Unit: thousand yen）
Name of customer

Total net revenue

Tida Power 01 G.K.

LOHAS ECE 2 G.K.

Name of related segment

2,738,121

Renewable energy power
generation facilities, etc. rental
business

1,322,425

Renewable energy power
generation facilities, etc. rental
business

Current fiscal period (from July 1, 2022 to December 31, 2022)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers
exceeds 90% of the operating revenue on the statements of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of
the operating revenue on the statements of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of
the amount of property and equipment on the balance sheet.
(3) Information on major customers（Unit: thousand yen）
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,522,080

Renewable energy power
generation facilities, etc. rental
business

LOHAS ECE 2 G.K.

1,192,276

Renewable energy power
generation facilities, etc. rental
business[NOTES ON PER UNIT INFORMATION]（Unit: yen）
Prior fiscal period
From January 1, 2022
to June 30, 2022

Current fiscal period
From July 1, 2022
to December 31, 2022

103,818
3,902

103,053
3,138

Net assets per unit
Net income (Net loss) per unit

(Note 1) Net income (net loss) per unit is calculated by dividing net income (net loss) by the average number of investment units during theperiod.

- 17 -

(Note 2) The basis of calculation of net income (net loss) per unit is as follows.

Prior fiscal period
From January 1, 2022
to June 30, 2022

Current fiscal period
From July 1, 2022
to December 31, 2022

1,509,072

1,213,400－－

1,509,072

1,213,400

386,656

386,656

Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders(Thousand yen)
Net income (Net loss) attributable to Common unit
holders (Thousand yen)
Average number of investment units during theperiod (Units)[NOTES ON FACTS ARISING AFTER THE SETTLEMENT OF ACCOUNTS]
Not applicable.

- 18 -

(7) Supplementary Schedules
1. Schedule of Securities
Not applicable.
2. Status of Contract Amounts, etc. and Estimated Fair Value of Derivative Transactions and Forward Exchange
Transactions（Unit: thousand yen）
Category

Contract amount and other amounts(Note 1)

Type

Fair value(Note 2)Longer than one year
Interest rate swap transactions

OTC(over-the-counter)pay-fixed, receive-variable
Total

32,788,321

30,512,844-

32,788,321

30,512,844-(Note 1) The contract amount, etc. of interest rate swap transactions is based upon notional principal amount.
(Note 2) Fair value is omitted because the transaction meets the requirement for special treatment based on the
Accounting Standard for Financial Statements.

3. Schedule of Assets Related to Real Estate
Not applicable.
4. Schedule of Assets Related to Renewable Energy Power Generation Facilities(Unit: million yen)

Asset Type

Structures

1,055

1

-

1,056

193

21

Machineryandequipment

42,43446-

42,4808,203872

Tools,
furniture andfixtures

591

0

-

591

114

11

Land

4,505

-

-

4,505

-

-

6,569

20

-

6,590

441

121

6,148 （Note 3）

20,291--

20,291

1,549

422

18,741Tools,
furniture andfixtures in
trust

93

0

-

94

7

1

87

Land in trust

4,769

-

-

4,769

-

-

4,769

Total

80,311

69-

80,38010,5091,453

69,870

Leaseholdrights

1,156

-

-

1,156

-

-

1,156

Software

6

-

-

6

4

0

2

1,163

-

-

1,163

4

0

1,159

Property Structures in
trust
and
equipment Machineryandequipmentin trust

Intangible
assets

Accumulated depreciation orNet
Balance
Balanceaccumulated amortization balance as
Increase Decrease
as of
as of
during the during theofRemarks
Depreciation
July 1,
DecemberperiodperiodDecemberduring the2022
31, 2022
31, 2022
periodTotal- 19 -

863 （Note 1）
34,276(Note 2)476 （Note 1）
4,505(Note 1)

(Note 1) The increase during the 11th period is entirely due to the capital expenditure of the power plants.
(Note 2) The increase during the 11th period is mainly due to the snow damage recovery work for stand and panel of S-18 CS Takayama-shi Power
Plant.
(Note 3) The increase during the 11th period is entirely due to the retention basin improvement work of S-24 CS Hiji-machi Dai-ni Power Plant andthe logging work around the panel of S-25 CS Ogawara-machi Power Plant.

5. Schedule of Other Specified Assets
Not applicable.
6. Schedule of Investment corporation bond
(Unit: million yen)
Name ofbondIssue date

Canadian
Solar
Infrastructure
Investment
Corporation /The 1stUnsecured
Bond
Canadian
Solar
Infrastructure
Investment
Corporation /The 1stUnsecured
Bond (Green
bond)
Total

Balanceas ofJuly
1, 2022

DecreaseduringtheperiodIncreaseduringtheperiodBalance
as ofDecember31, 2022

Interest
rate(%)

Repayment
date

November
6, 2019

1,100

-

-

1,100

0.71

November
6, 2024

January
26, 2021

3,800

-

-

3,800

0.80

January 26,
2026

4,900

-

-

4,900

Use

Remarks

Unsecured,Unguarant(Note1)eed(Note1)

Unsecured,Unguaranteed(Note 1) The proceeds shall be allocated for part of the funds for repayment of existing borrowing, acquisition of specified assets in the future
repairing works, capital expenditure and operating expenses.
(Note 2) Scheduled redemption amounts of Investment corporation bond within five years after the date of the balance sheet are as follows.

(Unit: million yen)
Within one year

Longer than one
year within two
years

Longer than two
years within
three years

Longer than three
years within fouryears

Longer than four
years within fiveyears

Investment
Corporation Bond

-

1,100

-

3,800

-

Total

-

1,100

-

3,800

-

- 20 -

7. Schedule of Loans Payable(Unit: million yen)

Category

Long
-term
loans
payableLenderBalance
as of July
1, 2022

Increase Decrease Balance Average
Repaymduringduringas ofinterest Repayment
ent
date
the
the
December rate (%)
methodperiodperiod31, 2022 (Note 1)

SBI Shinsei
Bank, Limited

1,824

-

65

1,759

Mizuho Bank,
Ltd.

1,140

-

40

1,099

Sumitomo
Mitsui
Banking
Corporation.

1,140

-

40

1,099

MUFG Bank,
Ltd.

760

-

27

732

Resona Bank,
Limited.

1,368

-

48

1,319

ORIX Bank
Corporation.

760

-

27

Use

Repayment inOctoberpartial31, 2027
installm
ents(Note 4)

Repayment in1,539 1.04200 September
partial(Note 2)
6, 2028
installm
769
ents(Note 4)732 0.84500(Note 2)The
Hiroshima
Bank, Ltd.

1,368

-

48

1,319

The Nanto
Bank, Ltd.

1,368

-

48

1,319

The Oita
Bank,Ltd.

684

-

24

659

The Shonai
Bank, Ltd.

684

-

24

659

San ju San
Bank,Ltd.

152

-

5

146

The Tochigi
Bank, Ltd.

684

-

24

659

SBI Shinsei
Bank,
Limited

1,380

-

47

1,332

Sumitomo
Mitsui
Banking
Corporation

1,380

-

47

1,332

MUFG
Bank, Ltd.

1,594

-

54

The Nanto
Bank, Ltd.

797

-

27

The
Ashikaga
Bank, Ltd.

816

-

28

788

The
Hiroshima
Bank, Ltd.

408

-

14

394

- 21 -

Remarks

Unsecured,
Unguarante
ed

Unsecured,
UnguaranteedBalance
as of July
1, 2022

LenderCategory

Increase Decrease Balance
duringduring
as of
the
the
Decemberperiodperiod31, 2022

Average
Repay
interest Repayment
ment
date
rate (%)
method(Note 1)SBI Shinsei
Bank,
Limited

1,265

-

38

1,227

Sumitomo
Mitsui
Banking
Corporation

1,265

-

38

1,227

MizuhoBank, Ltd.

1,236

-

37

1,198

MUFG
Bank, Ltd.

1,236

-

37

1,198

Sumitomo
Mitsui Trust
Bank,
Limited

1,236

-

37

1,198

Asahi
Shinkin
Bank

1,926

-

58

1,868

The
TottoriBank, Ltd.

1,284

-

38

1,245
0.81990
1,198 (Note 3)

Long
-term
loans
payableThe
Chugoku
Bank, Ltd.

1,236

-

37

The 77
Bank, Ltd.

963

-

29

934

The Oita
Bank, Ltd.

642

-

19

622

The Nanto
Bank, Ltd.

642

-

19

622

The Senshu
Ikeda
Bank, Ltd.

642

-

19

622

The Bank ofSaga, Ltd

642

-

19

622

The Bank of
Nagoya,
Ltd.

642

-

19

622

The FukuhoBank, Ltd.

458

-

13

444

The Bank ofFukuoka,
Ltd.

275

-

8

266

33,905-

1,116

32,788

Total

Use

Remarks

March 8,
2031

Repay
ment inpartialinstallm
ents(Note 4)

Unguarante

-

-

-

-

Unsecured,ed-(Note 1) Average interest rate is based on actual number of days and weighted average. The number are rounded down.
(Note 2) For the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate
swap.
(Note 3) As from March 29, 2021, for the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effectof such interest rate swap.
(Note 4) The uses of the debt proceeds are the purchase of power plants.

(Unit: thousand yen)

Long-term loans
payableWithin one year

Longer than one
year within two
years

Longer than two
years within threeyears

Longer than three
years within fouryears

Longer than four
years within fiveyears

2,275,477

2,228,931

2,270,245

2,256,998

9,570,112- 22 -